Assume that Derek Jeter and the Steinbrenner family, owners of the New York Yankees, are involved in a controversy over the amount that Jeter is to be paid during the next contract term. They agree to submit the question to a neutral third party and to be bound by the decision of that person. This is known as:

Question

Quizplus · Accepted Answer

The situation described is an example of arbitration, where a neutral third party is chosen to make a binding decision in a dispute between parties. Mediation involves a neutral third party helping the parties reach a voluntary agreement, while compromise involves both parties making concessions to reach a mutually acceptable solution. ARM is not a recognized term in alternative dispute resolution.

Assume That Derek Jeter and the Steinbrenner Family, Owners of the New